COURT OF APPEAL CASTS DOUBT ON NEED FOR SPOUSAL CONSENT IN PERSONAL GUARANTEES:

WE PREVIOUSLY REPORTED IN OUR CLIENT ALERT OF FEBRUARY 2013 THAT THE NEW TURKISH CODE OF OBLIGATIONS (THE “TCO”), WHICH CAME INTO FORCE ON 1ST JULY, 2012 INTRODUCED MAJOR CHANGES TO FORM REQUIREMENTS IN RELATION TO PERSONAL GUARANTEES.

SPOUSAL CONSENT LETTER REQUIREMENT FINALLY LOOSENED:

THE OMNIBUS BILL INCLUDING THE NEW REGULATIONS RELATING TO SPOUSAL CONSENT LETTER REQUIREMENT IN CONNECTION WITH PERSONAL SURETIES AND GUARANTEES HAS FINALLY BEEN PASSED BY THE PARLIAMENT.

GUARANTORS MAY NO LONGER REQUIRE SPOUSAL CONSENT:

THE NEW TURKISH CODE OF OBLIGATIONS, WHICH CAME INTO FORCE ON 1ST JULY, 2012, BROUGHT CERTAIN CHANGES TO FORM REQUIREMENTS IN RESPECT OF SURETIES AND GUARANTEES TO BE ISSUED BY REAL PERSONS AND LEGAL ENTITIES.